How to Exchange Money in Venice Italy

There is no “free” way to get or spend euros if you travel to Venice from a country that uses another currency. That is to say:  You're not going to get or spend money at the pure exchange rate of the day. Nevertheless, some means of getting, exchanging or spending money are less expensive than others. 

• ATM Machines:
  

In Italy, an ATM is called a “Bancomat.” There are Bancomats available throughout Venice. Although your bank will charge a fee for international transactions, using your ATM card to withdraw cash is among the least expensive options for acquiring foreign currency. Some examples of the international withdrawal fees currently taken by some popular U.S. Banks are as follows: Citibank: $1.50 International ATM fee + 3% of the amount withdrawn. Chase: $3.00 International ATM fee + 3% of the amount withdrawn. Bank of American: $5.00 International ATM Fee + 3% purchase fee, or 1% for cash withdrawal. 

• Currency Exchange Desks and Banks:
  

Currency exchange desks and banks that buy & sell currency are the most expensive option for acquiring foreign currency. These businesses will often tack 10 cents or more onto the cost of each euro you buy. We recently spoke with a bank that was offering to buy euros at $1.26 and sell euros at $1.46 PLUS a $5.00 fee!! (The actual exchange rate was $1.34 per euro that day.) In that equation, 100 euros would cost $151.00 dollars.
**Note: There are many currency exchange desks in Venice. The rates charged do vary by location. If you are exchanging money, or you've only got traveler's checks, take a minute to shop around for the lowest rate. The exchange desks at the airport will be the most expensive, followed closely by exchange desks immediately adjacent to major tourist attractions.

• Traveler's Checks:
  

Traveler's checks are still one of the safest ways to carry money, but they are also expensive. Most banks will charge a 1% fee for issuing traveler's checks and you will then have to “cash” your traveler's checks at a bank or currency exchange desk.

• Credit Cards:
  

Credit card transactions, assuming that you pay your card on time, can be among the least expensive options for spending money overseas. But they are NOT FREE. The banks mentioned above, Citibank, Chase and Bank of America each charge a 3% foreign purchase fee.
**Note: Credit card foreign transaction fees vary by company. If you plan to use a credit card, it would be worthwhile to check the foreign transaction fees associated with your cards before deciding which one to use.

• Bank Accounts:
  

Non-Residents are permitted to open bank accounts in Italy. This is the least expensive option if you're going to be staying for a long time, returning frequently, or spending a lot of money. If you transfer $1,500.00 into a bank account, and pay a $50.00 wire transfer fee, you will have broken even on a 3% foreign credit card transaction fee and come out ahead of the cost of an ATM withdrawal.

You can open a non-resident Italian bank account, in person, at many banks in Venice. You will need your passport and proof of your address. You can supply foreign currency in cash for the account, or you can wire money into the account. Non-resident accounts can only be funded with foreign currency or imported euros. These accounts are interest bearing and are not taxed in Italy. Italian banks issue “Bancomat” cards that function in the same way as a debit card.

Those are, in a nutshell, the means of getting, exchanging and “saving” money while spending money while traveling abroad to Venice.